Elmhurst Real Estate Update By Tom Makinney Jr.

Elmhurst Real Estate Update By Tom Makinney Jr.

Year-To-Date June 2012 vs. Year-To-Date June 2011, the average price in the Elmhurst Area was down 3.15%. The YTD average price was down from $401,005 to $388,362. The YTD median price decreased 6.615%, from $325,000 to $303,500. As of July 24, 2012 there were 389 active listings in the MLS, representing a 6.95 month supply of inventory (MSI). Remember, 5.5 months is considered a "balanced" market by most. Year-To-Date average Days on Market (DOM) were up from 142 thru June 2011 to 149 thru June 2012.

MARKET SUMMARY - ELMHURST

New Listings

/ % Change

Closed Sales

Avg. Price

/ % Change

Median Price

Days on Market

June 2012

94

/ 0%

61

$444,724

/ 1.78%

$365,500

137

June 2011

94

45

$436,935

$358,500

138

Year-To-Date 2012

543

/ -9.2%

248

$388,362

/ -3.15%

$303,500

149

Year-To-Date 2011

598

187

$401,005

$325,000

142

The statistics presented in Market Tracker are compiled monthly based on figures and data generated by MRED for detached single family and attached single family properties. Due to possible reporting inconsistencies, Days on Market (DOM), average prices and rates of change should be used to analyze trends only. Property and statistical data sourced from MLS is solely for your personal, non-commercial use in buying or selling a property and is deemed reliable but not guaranteed and should be verified. All representations and warranties regarding the information are disclaimed. Reproduction or any other use is prohibited.

Sellers: Get Your Home Ready To Sell!

When preparing your home for sale, a number of simple cosmetic changes often provide the biggest return on investment. Here are three tips to upgrade your house without breaking the bank:

Bring in the light . The right light creates the right mood. Adding lights to dark rooms can make your home feel warm and inviting. Bring outdoor light inside by opening curtains and installing economical suntubes.

Create Space. Many of today's buyers are looking for open rooms. Consider removing unwanted walls to make your home feel more spacious. Buyers will often pay a premium to get a bit of extra room.

Replace Flooring. Get rid of that old carpet in the den and replace it with today's newer hardwoods and laminates. You don't have to spend a lot to make a big impression!

These simple tips can help you sell your home and take advantage of today's market. Please contact us if you have any questions about selling your home. We are here to help!

Which suburbs have the most foreclosures? Elmhurst has the lowest.

Foreclosed homes dot Chicago's suburbs, but you are more likely to find them south of the city than on the North Shore.

Among the 100 largest Chicago suburbs, the hardest-hit communities had more than 20 lender-owned homes for every 1,000 mortgagable properties, compared with one or two lender-owned homes in the least-affected towns.

Here are rates for the 10 rockiest communities and the 10 that have been able to swim through the recession. The median household incomes are also listed. The median for the area is $57,104.